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Yet another record day (well, the intraday high anyway).

Pass test 25 04 2007But did we pass our test? I think we did because we had awful hosing data but didn't tank the market (in fact we got a huge dip at 10 and recovered nicely).

We have more awful housing data ahead tomorrow, and the dreaded Fed Beige Book, but Whirlpool Corp. (NYSE:WHR) indicates Durable Goods Report may not be a total disaster. Inc. (NASDAQ:AMZN) rocked the after hours with a 10% gain -- which will make our spread plays very interesting tomorrow! Will it be enough to kick-start the Nasdaq? That remains to be seen...

We also have earnings tonight and tomorrow from: Inc. (AMZN), Boston Properties Inc. (NYSE:BXP), Cheesecake Factory Inc. (The) (NASDAQ:CAKE), Canon Inc. (NYSE:CAJ), Carter's Inc. (NYSE:CRI), LandAmerica Financial Group Inc. (LFG), Panera Bread Company (NASDAQ:PNRA), Radian Group Inc. (NYSE:RDN), ST Microelectronics N.V. (NYSE:STM), Sun Microsystems Inc. (SUNW), Travelzoo Inc (NASDAQ:TZOO) (critical to airlines) and Websense Inc. (NASDAQ:WBSN) (tonight), and Air Products and Chemicals Inc. (NYSE:APD), Anheuser-Busch Companies Inc. (NYSE:BUD), Baker Hughes Inc. (NYSE:BHI), Becton, Dickinson and Co. (NYSE:BDX), Business Objects S.A. (BOBJ), Cabot Corp. (NYSE:CBT), Choice Hotels International Inc. (NYSE:CHH), Colgate-Palmolive Company (NYSE:CL), ConocoPhillips (NYSE:COP), Constellation Energy Group Inc. (NYSE:CEG), EnCana Corp. (NYSE:ECA), Enersis S. A. (NYSE:ENI), Exelon Corp. (NYSE:EXC), F5 Networks Inc. (NASDAQ:FFIV), Fidelity National Financial Inc. (NYSE:FNF), Freeport-McMoRan Copper & Gold Inc.(NYSE:FCX), Freescale Semiconductor Inc. (NYSE:FSL), Genzyme Corp. (GENZ), Corning Inc. (NYSE:GLW), GlaxoSmithKline plc (NYSE:GSK), Harmony Gold Mining Co. Ltd. (NYSE:HMY), Hess Corp. (NYSE:HES), Honda Motor Co. (NYSE:HMC) (good Toyota Motor Corp. (NYSE:TM) hint), IHOP Corp. (IHP), International Coal Group Inc. (NYSE:ICO), International Securities Exchange Inc. (ISE), iRobot Corp. (NASDAQ:IRBT) (vint), K2 Inc. (KTO), LSI Logic Corp. (NASDAQ:LSI), Meritage Corp. (NYSE:MTH), Moody's Corp. (NYSE:MCO), Murphy Oil Corp. (NYSE:MUR), New York Community Bancorp Inc. (NYB), Norfolk Souther Corp. (NYSE:NSC), Inc. (NASDAQ:OSTK), Pepsico Inc. (NYSE:PEP), Pulte Homes Inc. (NYSE:PHM), Qualcomm Inc. (NASDAQ:QCOM), QIMONDA AG (QI), Raytheon Company (NYSE:RTN), Sycamore Networks Inc. (NYSE:R), Sealed Air Corp. (NYSE:SEE), Smith International Inc. (SII), TASER International Inc. (NASDAQ:TASR), Boeing Co. (NYSE:BA), Terex Corp. (NYSE:TEX), Stanley Works (The) (NYSE:SWK), UAL Corp. (UAUA), Unisys Corp. (NYSE:UIS), United Parcel Service (NYSE:UPS), W.R. Grace & Company (NYSE:GRA), WellPoint Health Networks Inc. (NYSE:WLP), Wendy's International Inc. (NASDAQ:WEN), Xilinx Inc. (NASDAQ:XLNX), XTO Energy Inc. (XTO), Zimmer Holdings Inc. (NYSE:ZMH) so it will be surprising if anyone even notices economic data amid all these numbers.

While we didn't get stellar performance, we did get a starring role from the SOX which gained 15 for the day, amazingly just shy of a market-leading breakout. The Transports continue to be hopeless, but declining oil prices gave us a glimmer of hope ahead of our airline earnings:



Day's Move

Must Hold

Comfort Zone

Break Out

Next Goal

Dow 12,953 34 12,468 12,600 13,000 13,500
Transports 2,889 -12 2,825 2,900 3,000 3,250
S&P 1,480 0 1,430 1,460 1,500 1,550
NYSE 9,648 -12 9,218 9,465 9,600 10,000
Nasdaq 2,524 1 2,454 2,500 2,600 2,750
SOX 499 15 477 490 500 560
Russell 826 -1 803 820 850 900

Lanza Tech got $3.5M in funding from Khosla Ventures to move forward with their process of producing ethanol from waste carbon monoxide. Targeting steel mills, this bacteria-based technology may be able to produce over 1B barrels of oil per year while curbing green-house emissions, that's a good thing!

Read all of Phil Davis's articles on Seeking Alpha

Source: Options Trader: Tuesday Wrapup